IREN reports third quarter FY26 results, signs $3.4bn NVIDIA AI cloud contract
Key points
- Total revenue of $144.8 million (vs. $184.7 million in Q2 FY26)
- Net loss of $247.8 million (vs. $155.4 million in Q2 FY26), including $140.4 million of non-cash impairments
- Adjusted EBITDA of $59.5 million (vs. $75.3 million in Q2 FY26)
- $3.4 billion, 5-year AI cloud contract signed with NVIDIA for air-cooled Blackwell GPUs at Childress, targeting ramp from early 2027
- 5GW strategic partnership with NVIDIA on infrastructure deployment; NVIDIA issued a 5-year right to purchase up to 30 million IREN shares at $70/share (up to $2.1 billion)
- 2026 expansion to 480MW on track; 2027 expansion to 1.2GW of AI Cloud capacity in build
Deal
Acquisitions
Ingenostrum, S.L. (Nostrum Group) is a developer of grid-connected AI data centers based in Spain.
- Adds ~490MW of secured, grid-connected power in Spain, plus an additional development pipeline
- 50+ person team across development, engineering, construction and operations
- Marks IREN's entry into the European AI infrastructure market
- Operations continue under the IREN brand
- Financial consideration not disclosed
First mentioned during Q3 FY26 results as an upcoming acquisition adding 490MW in Spain.
Mirantis, Inc. is a leading provider of cloud software and services, serving 1,500+ enterprise customers globally and an inaugural partner of the NVIDIA AI Cloud Ready Initiative.
- Consideration: ~12.6 million ordinary shares (fixed at signing) plus ~$40 million of cash, RSUs and other consideration at closing
- Deepens IREN's AI workload orchestration, monitoring and customer support capabilities
- Brings the open-source k0rdent AI platform, integrated with NVIDIA DSX OS software components
- Already facilitated several of IREN's announced and prospective AI Cloud contracts
First mentioned during Q3 FY26 results as an upcoming acquisition strengthening AI Cloud delivery.
Site updates (3)
| Site | Status | Active | In build | Theoretical |
|---|---|---|---|---|
Prince GeorgePrince George, BC Q3 FY26 update: all air-cooled GPUs delivered and either operating or undergoing commissioning across the 50MW site; transitioned from Bitcoin mining to AI Cloud. | Set to 0 per the 2026-05-07 Q3 FY26 update: all air-cooled GPUs delivered and operating or in commissioning across the full 50MW site — no capacity under construction. | Active | 50 MWgross | 0 MW | 50 MWgross |
MackenzieMackenzie, BC Q3 FY26 update: legacy mining hardware decommissioned; 80MW of data center capacity prepared for GPU installations commencing H2 2026. | Under construction | — | 80 MWgross | 80 MWgross |
Canal FlatsCanal Flats, BC Q3 FY26 update: retrofitting existing 30MW air-cooled capacity for AI workloads, same capital-efficient conversion model as Prince George and Mackenzie. | Under construction | — | 30 MWgross | 30 MWgross |